Harmony Homes Nevada, LLC., #4538 – NEVADA

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Harmony Homes Nevada, LLC., #4538 – NEVADA

First Trust Deed collateralized by 17 acres of residentially zoned land near the corner of Vegas Dr and Rancho Dr near North Las Vegas, NV (roughly five miles northwest of downtown Las Vegas). The land is currently zoned R-2 which will allow for the development of 34 homes on the site, but the borrower is working with the city to approve a 248-lot community. The borrower won’t close on the property until final approve is set for the proposed 248 lot community as depicted on the next page. Development work will commence soon after the acquisition and it is anticipated the model homes will be open for sale at the end of 2019. Home sales should average $210,000 and be about 1,500 square feet in size. The sales time frame for this community is expected to stretch into 2022.

Loan Amount: $2,106,000

Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.

Term: 6 months with one optional 6-month extension period at maturity.

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